June 2021 Updates To Your Linus Account
Exciting times ahead for Linus! As we prepare to make Linus generally available, we want to make our active Linus customers aware of upcoming product changes and updates.
Setting the stage for an exciting second half of 2021 for Linus, we’re updating our transfer infrastructure to streamline the transition between dollars and stablecoin, and back again.
Exciting features coming next week:
- Updated Account Support 🗃️ — In addition to ACH deposit accounts, Linus customers will be able to directly link Debit Card and Wire accounts. Even better, Linus customers can now withdraw to their connected accounts, without requiring you to re-enter the account and routing numbers!
- Native ACH Micro-deposit Support 🪙 — Noticed that your bank isn’t listed when trying to link an ACH account? It will now be even easier to manually link your bank to Linus using Plaid’s native ACH Micro-deposit feature. When prompted during the Plaid bank connection process, choose ‘Link with account numbers’ to initiate the micro-deposit process. No more needing to contact our team. 🙌
With this infrastructure update, there will also be a few structural changes to Linus beginning this week:
- Transfer Limits — There will be daily, weekly, and monthly transfer limits associated with your Linus account, depending on the transfer type (Card, ACH, Wire). ACH transaction limits will also be lowered from $25,000.00 to $10,000.00 per transaction.
- 30-Day Minimum Term Length — All new deposits initiated on or after June 21st, 2021 will be subject to a 30-day term length. Existing balances will not be subject to the term length, and can be withdrawn at your convenience.
- Recurring Deposits On Pause — Our recurring deposit feature will be on pause temporarily, with plans to return later this year. Any recurring deposit schedules active on June 21st, 2021 will be canceled. Deposits initiated as part of a recurring deposit schedule prior to this, but are still pending, will complete as normal.
Next week, you will be asked to update your personal information. Updating your personal information enables you to continue using Linus, and provides you with access to these updates!
Thank you so much for your continued support for Linus. If you have any questions, please check out the FAQ or reach via chat on the site. 👋
